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Dubai real estate firms investing $19b in Morocco |
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3/30/2006 8:56:42 AM |
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DUBAI — Two of Dubai's largest real estate companies, Emaar Properties and Dubai Holding, yesterday announced the signing of agreements with the Moroccan government to develop major real estate properties, with a combined value of nearly $19 billion.
Dubai Holding has signed agreements worth $12 billion to develop projects in major Moroccan cities over the next five years. And Emaar, recognised as the world's number one property developer, will be investing $6.8 billion in the country, covering six projects, after it signed a new $5.3 billion Memorandum of Understanding (MoU) with the King Mohammed VI, King of Morocco.
For Dubai International Properties (DIP), the international real estate investment arm of Dubai Holding, the agreements mean it will be developing a series of projects in Morocco in partnership with CDG, one of the biggest Moroccan companies.
Two new projects, Dubai Towers — Casablanca and Marina de Casablanca, were announced as part of the agreement. Dubai Towers is worth $600 million, will cover an area of 240,000 square metre, and will be a mixed used development comprising two buildings — a hotel and an office tower. The whole complex will offer office space, residential apartments, and retail and entertainment facilities.
Marina de Casablanca, is worth $500 million, and will also feature offices, retail and entertainment facilities, marina hotels, residential apartments, promenade and open landscape spaces, over a built-up area of 190,000 square metre. The projects also includes Amwaj, a massive $2 billion community development project, already under construction in Al Rabat.
DIP's commitment to Morocco majors on the country's favourable climate and a highly developed tourism infrastructure as well as its intent to become an international economic hub, said DIP's CEO, Farhan Faraidooni. He also said that the projects would be spread across its biggest cities, including Marrakesh, Casablanca and Al Rabat.
The UAE Minister of State for Cabinet Affairs and executive chairman of Dubai Holding, Mohammed Abdullah Al Gergawi said: "Apart from achieving high growth, the Moroccan Government's policies aimed at diversifying its economy and moving beyond the agriculture sector have met with great success. The Government has also worked hard to develop regulations that made the country more attractive for Arab and Gulf investors."
The MoU signed between Emaar the Moroccan government includes three developments stretching from the Atlas Mountains to the Atlantic coast — in Oukaimeden, Saphira and Tinja — and includes golf and ski communities, Riviera living and luxury spas and resorts. Construction work will start on all three projects this year.
Emaar's chairman, Mohammed Ali Alabbar said that the company would be opening its office headquarters in Marrakesh as well as offices in Rabat and Tangiers. He said that any planned future projects would complement Morocco's maturing as a tourist destination and residential investment location. This is Emaar's fourth move into Morocco, and follows its announcement of the $327 million Amelkis II, the luxury residential golfing development in Marrakesh, the announcement of Amelkis III, and the launch of the $1.2 billion Bahia bay project, a large scale residential golfing community along the Moroccan coast.
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